Fortinet Inc.’s quarterly earnings and revenue surpassed analysts’ expectations. However, the cybersecurity company issued billings guidance lower than expectations.
Fortinet posted third-quarter adjusted earnings of 33 cents a share, up from 20 cents a share a year before, and well-above the 27 cents a share expected by analysts polled by FactSet. Revenue rose to $1.15 billion from the year-ago quarter’s $867 million, and surpassed the FactSet consensus of $1.12 billion.
For the fourth quarter, Fortinet is expecting 38 cents to 40 cents in adjusted earnings per share, compared to the FactSet consensus 35 cents. The company projects $1.275 billion to $1.315 billion in revenue, vs. $1.12 billion expected by FactSet consensus.
Fortinet projects $1.665 billion to $1.720 billion in billings, lower than analysts’ forecast of $1.740 billion (as indicated by FactSet poll).